Big Data in Healthcare Market: Size, Application & Covid-19 Impact Analysis
The healthcare industry is one of the crucial and essential industries globally, among other industries that generate a colossal volume of raw data that are primarily unorganized. As digital technologies are evolving worldwide, there is a significant improvement in quality, service efficiencies, and reduced operational costs in the healthcare system along with a decrease in medical errors. The big data in the healthcare industry has gained exponential momentum with the adoption of electronic health records (EHR) and further increased usage with electronic medical records (EMR), personal health records (PHR), laboratory information system (LIS), biomedical data, genomic sequencing data, health data management, etc. One of the key benefits of using big data analytics in healthcare is the data-backed decision-making in critical scenarios and making it efficient for clinical operations, disease detection or treatment courses, medical research, etc.
After the covid-19 spread from China, the big data has provided a massive amount of data and analytical information to the research scientists, health workers, epidemiologists, etc. As Covid-19 spread globally, the big data is playing a vital role to fight the COVID-19 virus by analyzing health data, infected covid-19 cases, identifying demographics & geography, tracking covid-19 patients, and movement of people during the lockdowns, helped in assisting the development of vaccines and their trials, etc. Big data analytics have emerged as a medium for tracking, controlling, research, and prevention in the healthcare system during this pandemic.
The big data in the healthcare market has few other key driving factors: the increased rate of the geriatric population, use of smart devices and remote monitoring devices, patient-centric services to follow value-based care and transparency, etc. However, data privacy concerns of the public for health data, security concerns, government policies in various countries, and lack of skilled staff are the significant challenges in this market that are hindering the growth.
According to AKI Research & Consulting, big data in the healthcare market is estimated to value USD 21,608.73 million in 2020 and is forecast to have a CAGR of 21.23% during the period 2020-2026.
By region, North America is estimated to account for the highest share of 35.43% in 2020, followed by Europe and Asia-Pacific. The United States accounted for the largest share owing to the early adoption of big data technologies by several healthcare providers. The country also has a higher demand for adopting artificial intelligence(AI) technology and the internet of things (IoT) in the healthcare system. As the trend for eHealth has increased in the recent past, the demand for big data analytics has also increased simultaneously. During the forecast period, Asia-Pacific will have the highest CAGR of 26.82%, followed by Europe, North America, the Middle-East & Africa, and South America.
Application Segment Analysis
By application segment, the clinical data analytics market is estimated to have the highest share of about 37.11% in 2020 and will have a CAGR of 21.59% during the forecast period. Clinical data analytics in healthcare helps in preventing, treating, and predicting diseases, which further boosts patient-centric services. The other applications include financial analytics, operational analytics, and population health analytics. Owing to the increase in wearables and IoT sensors, there is a high market potential for big data applications for population health analytics using a real-time feed of the patient’s health records.
Deployment Type Analysis
By deployment type, there are two segments in this market: on-premise and off-premise or cloud. In recent times, the cloud deployment of big data has gained high momentum with increased security and reduction in cost. However, there are significant initial capital investments. In December 2020, Amazon launched an Amazon HealthLake platform, which aims to collect all health & other data of an organization across different siloes in various formats to transform into a centralized data lake. It will also standardize the data automatically using machine learning techniques in the cloud. In July 2020, Google launched BigQuery Omni, a multi-cloud analytics platform to help healthcare organizations.